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Article: Nic Cicutti column Fund managers claim that the cost of looking after money cannot be met by a 1 per cent charge
- Article from:
- The Independent (London, England)
- Article date:
- December 5, 1998
- Author:
CopyrightCopyright 1998 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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A FEW weeks ago, the Treasury released details of its CATmark
scheme, aimed at ensuring savers are offered good-value financial
products without the usual gobbledegook that leaves so many people
totally baffled.
One key aspect of CATmarks was a 1 per cent annual management fee,
and no hidden charges, for the equity-based element of the new
Individual Savings Accounts (ISAs), due to be introduced in April.
It is fair to say that the equity-linked CATmark proposals were
controversial. The Association of Unit Trusts and Investment Funds
(Autif), the trade body for fund managers, called this limit "a
breathtakingly irresponsible act".
Perhaps not surprisingly, given Autif's strident ...